CEO Fuld. Next stop? My guess, Gstaad, Switzerland.
Bloomberg.com: Worldwide — This venerable institution is now toast thanks to current greedy management practices. Does anyone ever go to jail for this sort of mess? CEO Richard Fuld made 0ver $70 million last year for this fine job he has done. This is a joke, right?
Bank of America Corp. abandoned talks to buy Lehman Brothers Holdings Inc., according to a person with knowledge of the matter, less than three hours after Barclays Plc said it wouldn’t buy the faltering investment bank.
Bank of America, the biggest U.S. consumer bank, and Barclays, the U.K.’s third-largest lender, had been among the leading candidates to acquire all or parts of New York-based Lehman.
The two potential bidders pulled out amid a third day of emergency negotiations led by the U.S. Treasury and Federal Reserve, Leigh Bruce, a spokesman for London-based Barclays, said in a phone interview today.
The U.S. government is racing to find a solution for Lehman before markets open tomorrow, two people familiar with the situation said. Barclays walked away because it couldn’t get guarantees from the government or agree on a private-sector deal to mitigate what it called Lehman’s “open-ended” trading obligations.
Led by Chief Executive Officer Richard Fuld, Lehman may be forced to liquidate unless buyers step up for all or part of the 158-year-old company
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I think CEO’s have a secret game among themselves where they see who can f^@k up a company the most and walk away with the most money.
Socialism for the wealthy. Only that insane concept would ever fly in the USA.
I understand the psychology of it though. Here it is in a nutshell.
Ever wonder why poor people vote Republican? Well you see they DREAM of being rich, so even though they aren’t rich, and never will be rich, they vote like they are rich. So when some awesome tax break for the wealthy comes down the pipe they vote YES! You never know…someday they will be rich, so its a good idea to get those laws in place now so when those millions come rolling in they don’t have to pay as much tax.